Related

NEW DELHI: Private steel maker Mesco Steel is scouting for assets like precious minerals, iron ore and mainly coal to ensure raw material availability for its steel plants under capacity expansion. "We are looking at acquiring assets abroad. We are eyeing assets like precious minerals, iron ore and coal as prices are low at this moment. We are exploring such opportunities in Australia, America, Vietnam and Cambodia," Mesco Steel CMD Rita Singh told PTI.

NEW DELHI/BHUBANESWAR: South Korean steelmaker POSCO could scrap plans for a $12 billion project it had agreed to set up in India a decade ago, after a new law makes it costlier to source iron ore for the plant, a company spokesman said. The 2005 project to set up a steel plant in Odisha state was billed as India's biggest foreign direct investment at the time, but it has encountered a series of delays. The company waited almost a decade to acquire land for the proposed 12 million-tonnes-a-year steel plant due to opposition from local tribal groups.

BHUBANESWAR: A day after Union Minister Nirmala Sitharaman sought to blame the state government for the uncertainty over Posco project, Odisha government today held the Centre responsible for the "present situation". "Had the Centre accepted the Odisha government's recommendation of prospecting licence (PL) over Khandadhar iron ore reserve in favour of Posco, the present situation would not have arisen," Odisha's Steel and Mines Minister Prafulla Kumar Mallick said. Prospecting licence is awarded to a company for prospect of minerals in a area or a region.

NEW DELHI: South Korean steel giant Posco has put on hold its $12 billion steel project in Odisha due to delays in various regulatory approvals. "We are tentatively suspending the Odisha (India) project due to lack of any progress," Posco Chairman and CEO Kwon Oh Joon said. "Business conditions at home and abroad have changed due to drop in global steel demand, growing deficit of subsidiaries, which have led us to come to a conclusion that we must step up our reform efforts," he said at an investor event in Seoul yesterday.

NEW DELHI: Suspense over the fate of the Rs 50,000-crore Posco steel project in Odisha has deepened with the South Korean giant showing disinterest in pursuing it because of the hurdles it continues to face on grounds of environment protection. Appearing before the National Green Tribunal (NGT) on Friday , Posco's counsel expressed the firm's diminishing interest in the project near Paradip.

NEW DELHI: Unlike major steel players in countries like China and US shifting closer to customers, India has barriers like land issues, which prevented global giants like ArcelorMittal and POSCO to take off their projects, a Ernst & Young report said today. Both the steel giants are unable to take off their USD 12 billion projects each in Odisha and Jharkhand, stuck for about a decade now over issues that include access to land. "One of the ways to move to a service-oriented focus is to really focus on building strong customer relationships.

NEW DELHI: Talks are on between South Korean steel major Posco and state-run domestic giant SAIL to set up an integrated steel plant, the government today said. "SAIL and Posco recently discussed possible collaboration opportunities including setting up of an integrated steel plant," Minister of Steel and Mines Narendra Singh Tomar told Lok Sabha in a written reply. "The discussions are at a very preliminary stage," he added.